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New and existing home sales numbers continue to struggle in the current environment and the recent mortgage interest rate data is not supporting positive action in the sector. The long term mortgage interest rates for 30 and 15 year fixed rate mortgage options recently moved higher. Specifically, Freddie Mac posted last week that the average interest rate on the 30 year fixed rate loan moved up to 4.97 percent from 4.87 percent. This data comes after the interest rate on the 30 Year FRM hit a 40 year low of 4.17 percent in November. The average rate on the 15 year fixed rate mortgage moved higher to 4.13 percent from 4.10 percent. This is not a good sign for the housing sector which continues to struggle. Home sales have recently surged however in areas such as Brooklyn, New York. Home sales in this area of New York are on the rise and recent data reveals that through the first quarter, home sales have surged 28 percent. As our nation continues to recover from the recession that started several years ago, American consumers are gaining confidence and this increased confidence is beginning to reveal itself in the form of increased sales, at least in Brooklyn, New York. Brooklyn’s market has been relatively stable over the past year and this period of stability has increased awareness of the buyer, and the buyers confidence as well. The result, even with mortgage interest rates notching slightly higher, has been increased home sales during the first quarter for Brooklyn, New York. Author: Stephen Johnson
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